The American Gaming Association (AGA) reported that commercial gaming revenue increased in August. This marks the 18th month in a row with a positive YOY revenue increase.
The Slots Sector Continues to Grow
While the growth was not as remarkable as the one recorded during the summer months, it shows that the commercial gaming industry continues to evolve. For reference, the commercial US casino gaming and sports betting sectors reported that people wagered over $4.89 billion. This number represents a 10% year-on-year increase and continues the industry’s growth.
The association reported that revenues from land-based slot machines and table games were responsible for the majority of the revenues, capping at $4.02 billion. Slots alone generated $2.92 billion. For the first eight months of 2022, the slots industry earned gross gaming revenue of $22.82, making it the single most profitable gaming vertical.
The AGA noted that 2022 “remains on track” for becoming a second record-setting year in a row. Within the first eight months of 2022, the industry already managed to earn $32.21 billion, surpassing 2021’s results by almost 15%.
Sports Betting and iGaming Not Far Behind
Sports betting also recorded continued growth. The sports betting revenue for August was $471 million, which represents a stellar 116.2% increase on August 2021. Overall, the commercial sports betting industry has so far had gross gaming revenue of $3.97 billion, which is 69.6% more than what the industry earned in the January-August period last year. Analysts believe that the industry may top a handle $100 billion by the end of the year, driven by the popularity of the National Football League and other famous sports.
Lastly, the iGaming industry recorded a GGR of $401.8 million for the period, representing an increase of 31.9%. iGaming has so far recorded a GGR of $3.21 billion, 39.9% up on 2021, making it one of the fastest-growing verticals.
US Gaming Is Flourishing
On August, 27 of the 31 commercial gaming markets recorded revenue growth. The AGA also noted that monthly gaming win declined in Delaware, Massachusetts, Mississippi and Montana. In addition, four states recorded lower year-on-year revenue paces, namely Columbia, Kansas, Mississippi and South Dakota.
Interestingly, the pace of revenue growth for traditional casino verticals surpassed April’s results, despite a contraction in travel. This is thanks to a significant regional casino visitation growth in several states.
Furthermore, August was the inaugural month for land-based gaming in Virginia. The state earned $14.3 during its first month of operation, which was more than what other states with established industries earned.